Chapter 7 Bankruptcy Lawyer New Haven, CT
As the leading chapter 7 bankruptcy lawyer in New Haven, CT, we know that filing for bankruptcy can change a person’s finances for the better. Nevertheless, bankruptcy is a decision that must not be taken lightly. It should only be made after seeking guidance from a reputable lawyer. Bankruptcy can be a valuable resource for people who are unable to pay their debt. Call us for immediate counsel if this sounds like something you or a loved one is going through.
Who Can File For Chapter 7 Bankruptcy
A person’s eligibility for filing Chapter 7 bankruptcy will be decided based on a means test. This test determines whether someone is suitable for bankruptcy based on their circumstances. The means test is calculated by comparing the average income for the most recent six months to the average income for households of similar size. If the income is less than or equal to median income for the state, the debtor passes this means test and is approved to file for Chapter 7 Bankruptcy.
If the debtor’s income is more than the median, then a second calculation will be done. When the disposable income leaves that person without enough to pay towards debts, they pass the second part of the test. We can assess your individual situation and inform you about your eligibility and steps to take next.
How to File Your Application
A member of our legal team can walk you through the steps in filing your Chapter 7 bankruptcy documentation. The process begins after you file your official petition and statement of affairs. This lists your debts, assets, and some financial history. The application is the most important and time-consuming step in filing for bankruptcy. Please note, you must list the entirety of your debts, even if it isn’t dischargeable or you intend to have the debt reaffirmed. Furthermore, it must include property, debts secured by property, and property sale value. Your property can entail your home, possessions, and assets that are not just real estate.
Call Our Law Offices Today
If you are thinking about possibly filing for bankruptcy, then it is in your best interest to speak with an experienced lawyer. However, not every lawyer understands the nuances of filing for bankruptcy. To learn more, please call a chapter 7 Bankruptcy Lawyer in New Haven, Connecticut from the Law Offices of Ronald I. Chorches.
We also service clients from East Hartford, Glastonbury, and Meriden.